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Non-Tech : NetBank(NTBK)-formerly Atlanta Internet Bank -- Ignore unavailable to you. Want to Upgrade?

To: Tom Hua who wrote (42)	3/7/1998 11:07:00 PM
From: Les White	Respond to of 2414

Another internet bank IPO coming down the pike! G&L Bank. Anyone heard of it? They're planning to go public 3Qt98. They plan to target market to the gay and lesbian community. G&L Bank, get it? I found out about it when they leased the old Dean Witter building in my home town. I was bidding on the remodeling contract and got curious about what they were up to. The founder told me about his business model and that he was closely watching AIB. Imagine my surprise. Their idea is to go after the gay and lesbian community who can be easily marketed to on the internet. The AOL advertising rates on the gay section are quite attractive. $10000 for 15000 hits guaranteed. They said that gay couples have a hard time getting approved for mortgages and joint loans in spite of higher than average household income. Lots of extra red tape, legal requirements, etc. Closeted gays are reluctant to give too much personal information to loan officers. Anyway, both of the principals had careers in the banking industry and are familiar with the extra hurdles gay couples face when applying for loans. They think they can flip a lot of credit cards, refinance mortgages, and pick up deposits from the gay community nationwide. This could be another great internet play. Les